Geode Capital Management LLC Reduces Position in Regal Rexnord Co. (NYSE:RRX)

Geode Capital Management LLC reduced its stake in Regal Rexnord Co. (NYSE:RRX - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,099,877 shares of the company's stock after selling 4,213 shares during the quarter. Geode Capital Management LLC owned 1.66% of Regal Rexnord worth $170,678,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RRX. Skandinaviska Enskilda Banken AB publ raised its position in Regal Rexnord by 472.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 166 shares of the company's stock valued at $25,000 after purchasing an additional 137 shares during the period. Tobam acquired a new position in Regal Rexnord during the 4th quarter worth about $45,000. Jones Financial Companies Lllp boosted its holdings in Regal Rexnord by 90.5% during the 4th quarter. Jones Financial Companies Lllp now owns 322 shares of the company's stock valued at $50,000 after acquiring an additional 153 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Regal Rexnord by 45.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 337 shares of the company's stock valued at $52,000 after acquiring an additional 105 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its position in Regal Rexnord by 30.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 430 shares of the company's stock valued at $71,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 99.72% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Regal Rexnord from $160.00 to $155.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 26th. The Goldman Sachs Group reduced their target price on shares of Regal Rexnord from $183.00 to $163.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Citigroup dropped their price target on shares of Regal Rexnord from $170.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday. Oppenheimer cut their price objective on Regal Rexnord from $210.00 to $190.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Finally, Jefferies Financial Group initiated coverage on Regal Rexnord in a report on Thursday, December 12th. They issued a "buy" rating and a $215.00 target price for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Regal Rexnord has a consensus rating of "Moderate Buy" and a consensus price target of $170.75.

Regal Rexnord Stock Up 2.5 %

NYSE RRX traded up $2.40 during trading on Friday, reaching $99.08. 1,542,639 shares of the company's stock were exchanged, compared to its average volume of 524,409. The company has a 50 day moving average price of $122.43 and a two-hundred day moving average price of $150.80. The stock has a market cap of $6.57 billion, a P/E ratio of 33.59, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09. Regal Rexnord Co. has a 1 year low of $90.56 and a 1 year high of $185.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.25 and a current ratio of 2.26.

Regal Rexnord (NYSE:RRX - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.56 by ($0.22). Regal Rexnord had a return on equity of 9.57% and a net margin of 3.25%. On average, equities research analysts anticipate that Regal Rexnord Co. will post 9.95 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Monday, March 31st. Regal Rexnord's dividend payout ratio (DPR) is 47.46%.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.